Saudi Aramco Reports 160% Rise in Quarterly Profit as Oil Prices & Sales Surge
These were its best quarterly earnings since it was officially listed on the Saudi Stock Exchange in December 2019.
Amin Nasser, CEO of Saudi Aramco.
(Photo courtesy: Twitter/@Aramco)
Saudi Aramco, the Saudi Arabian petroleum and natural gas company, said on Sunday, 31 October, that its net profits during the third-quarter more than doubled, CNBC reported.
The huge profits (a 160 percent increase in net income) that defied what analysts had predicted were a result of spiking crude oil prices and higher sales.
These were Saudi Aramco's best quarterly earnings since it was officially listed on the Saudi Stock Exchange in December 2019.
In a statement, Amin Nasser, the CEO and president of the company said that their "exceptional third quarter performance was a result of increased economic activity in key markets and a rebound in energy demand, as well as our unique low-cost position."
The company's Twitter handle even tweeted a video with all the profit numbers.
An analyst named Yousef Husseini said that the current trends showed a lot potential for a special dividend (a sum of money paid by a company to its shareholders) by the end of 2021.
It looks "more and more likely now, in my view", Husseini told Reuters.
(With inputs from CNBC and Reuters)
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